Ocean Power Technologies Receives $900K Contract from Mitsui Engineering & Shipbuilding

Ocean Power Technologies

today announced that the Company has received a ¥70 million (approximately US $900,000) contract from Mitsui Engineering & Shipbuilding (“MES”) for further work towards development of the Company's PowerBuoy technology for application in Japanese sea conditions. Under this contract, OPT will continue to analyze methods to maximize buoy power capture using advanced optimization methodologies as well as modeling and wave tank testing. OPT will team with MES staff to develop PowerBuoy enhancements that, under normal Japanese wave conditions, would provide for improved power capture. This analysis and design work is expected to be completed by the end of OPT's